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Personal Finance 7th Canadian Edition by Jack Kapoor - Test Bank
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,Chapter 01 - Personal Financial Planning: An IntroductionChapter 01
Personal Financial Planning: An Introduction
True / False Questions
1. Analyzing your current financial position is a part of the first stage of the financial planning
process.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
2. Developing financial goals is the first step in the financial planning process.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
3. Risks associated with most financial decisions are fairly easy to measure.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
1-1
,Chapter 01 - Personal Financial Planning: An Introduction
4. The financial planning process is complete once you implement your financial plan.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
5. Intermediate goals are usually achieved within the next year or so.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
6. Planning to buy a house is an example of a durable product goal.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
7. Household size is a major influence on personal financial planning decisions.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
1-2
, Chapter 01 - Personal Financial Planning: An Introduction
8. Simple interest is the interest computed based on the principle, excluding previously earned
interest.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
9. Increased demand for a product or service will usually result in lower prices for the item.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
10. Inflation reduces the buying power of money.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
11. Lenders benefit less than borrowers in times of high inflation.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
1-3
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